4F, Resolution 2009-011 Health Care and Housing Refunding Bonds

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~ ~HlLLS MEMORANDUM DATE: May 8, 2009 TO: Honorable Mayor and City Council Ron Moorse, City Administrator FROM: Sue Iverson, Finance Director ~ J SUBJECT: Public Hearing on Health Care and Housing Revenue Refunding Bonds Background: The City of Roseville has agreed to issue conduit debt for Presbyterian Homes on a refunding of Roseville's outstanding Senior Housing Refunding Revenue Bonds (EagleCrest Project), Series 2007. Because part of the project is located in Arden Hills, a public hearing and City Council approval of the financing is required under Section 146(f) of the Internal Revenue code. Discussion: Attached is a resolution calling for a public hearing on Monday; June 8; 2009, to consider giving host approval to the issuance of revenue bonds by the City of Roseville under Minnesota Statutes, Sections 469.1651 and Minnesota Statutes, Chapter 462C in order to finance the cost of the project located in the City of Arden Hills. All costs will be paid by Presbyterian Homes that are incurred by Arden Hills for this issuance. Steve Bubul, our bond counsel has reviewed and made any necessary changes to this paperwork on our behalf. Actual host city approval will not be acted upon until June 8, 2009 after the public hearing. Staff will bring forward an action item for City Council approval at that time. Staff Recommendation: Staff recommends Council approve Resolution 2009-011, a resolution calling for a public hearing on the issuance of Health Care and Housing Revenue Refunding Bonds (EagleCrest Project) by the City of Roseville.